ASX Media ReleaseCYCLIQ CONFIRMS MAJOR DISTRIBUTION DEAL ACROSS UK AND IRELAND
Cycliq signs exclusive distribution agreement with UK-based Madison
Deal extends Cycliq’s presence to more than 2,700 bike stores across UK and Ireland
Increased upfront orders of Cycliq’s Fly6 and Fly12 HD camera products
Two year distribution deal effective immediately
PERTH, AUSTRALIA; 5 December 2016: Cycliq Group Ltd (ASX: CYQ) is pleased to confirm it has entered into an exclusive distribution agreement with leading UK cycling parts distributor, Madison.
The deal allows Cycliq to significantly grow its presence throughout the UK and Ireland, where Madison supplies products to more than 2,700 bikes stores.
The deal takes effect immediately and will see Madison take over the Perth-based company’s existing distribution agreement from a previous distributor.
Madison is a full service distributor with considerable experience in the sports technology market, having been involved with the growth of sports cameras and cycling accessories within the UK.
Madison has also confirmed plans to increase minimum order volumes of Cycliq’s flagship products – Fly6 rear-facing bicycle camera and light combination and the forward-facing, full high-definition Fly12 with integrated 400 lumen light.
Cycliq CEO Andrew Hagen hoped the agreement would place Cycliq on a trajectory for continued growth throughout the key UK based market.
“I am pleased to confirm Cycliq’s exclusive distribution agreement with Madison, which represents another positive step forward for our growing company,” Mr Hagen said.
“This agreement provides Cycliq with access to a distributor with a proven record for growing similar brands and one with the structure and capability to keep pace with Cycliq’s own growth.
“Madison’s vast network of bike stores across the UK and Ireland and will allow us to build upon our existing presence in these two very important markets. We are incredibly excited at the opportunity and look forward to working with Madison well into the future.”
Cycliq, which began as a crowdfunded start-up in Perth, is soon to be listed on ASX. The company has sold more than 40,000 Fly6 and Fly12 units across 25 countries in under three years and has access to an existing global distribution network covering more than 9,000 bike stores.
